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Month: December 2017

Eight Ways To Travel On A Budget

Date 12 December 2017

Does the thought of seeing members of your family, those you like, and those perhaps you are not so keen on, gathered around the Christmas table asking inquisitive questions about what it is you are exactly doing with your life get you immediately tapping away on your laptop? Figuring out the cheapest destination you can afford that means you will...

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How To Save Money Working From Home

Date 05 December 2017

According to the Office of National Statistics, at least 10% of people in the UK spend either all or some of their time working from home. Indeed, there are some jobs that suit working from home, such as journalists, writers, consultants or digital designers. It is also often the case that dentists or doctors will live on the premises where...

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How to Budget over the Christmas Period

Date 05 December 2017

Christmas may be the most joyous time of year, but it is certainly the priciest, too. Whether or not you celebrate Christmas, the festive period is bound to stretch your wallet. The big spending doesn’t only come from buying gifts for loved ones; our expenditure also has to cover keeping warm, eating well, travelling to see family members, and arranging...

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How To Improve Your Chances Of Getting A Mortgage

Date 05 December 2017

Buying a house is one of biggest personal expenditures for most people in the UK, and getting onto the property ladder is often regarded as an important goal in people's life. However, if you have found your dream home, it is likely that getting approved for a mortgage is going to be an important factor as to whether this will...

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How Does A Credit Limit Work?

Date 04 December 2017

Many of us use credit cards, in fact as of March 2016, well over 60 million credit cards were in issue, relating to roughly 50 million accounts, whilst there were over 223 million credit card purchases for the same period of time, at a value of £12.6 billion. Each and every credit card has a limit on how much you...

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How Businesses Can Save Money

Date 01 December 2017

When running a business, there are many things to keep a track of, and one of the most important, as well as one that can pose a considerable challenge, is the issue of keeping cash afloat. Whether it be taxes, staff, rent, operating costs, or all the other little expenditures, the costs can really add up, and it can be...

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.